* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Admissions:
Talon Resources (TAR.L) has been admitted to trading on AIM, transitioning from a Main Market cash shell to a North American gold exploration company. The Company's flagship asset is the 90%-owned Eagle Lake Gold Project, located in Ontario's Dryden Gold District within the prospective Wabigoon Sub province, comprising 95 contiguous claims covering 1,986 hectares.
Delistings:
None
What’s baking in the oven?
Potential IPOs:***
3 June: Reveille Resources has announced its intention to IPO onto AQSE. The strategy is focused on identifying and advancing uranium exploration opportunities in assets that have benefited from significant historical expenditure and technical work, but which may not have achieved full value realisation due to geopolitical, technological, financial, or historical factors. Reveille’s initial focus is on two historical uranium deposits in Lombardy, northern Italy. Pre-admission, Andrea Cattaneo, Ippolito Cattaneo, Ajax Resources PLC, and Zenith Energy Ltd. each hold 25% of the shares. The four pre-admission shareholders will be subject to a one-year lock-in and a subsequent one-year orderly market agreement. Expected Admission date 25th June.
17 March: Vista Parcs Group has announced its intention to IPO onto AIM. The newly incorporated entity is proposing to acquire a portfolio of 13 UK-based holiday and residential parks currently owned by Barney Group 2 Ltd (BG2) and operated by Baslow Parks Ltd. Deal details TBC and expected Admission date anticipated late June 2026.
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Arkle Resources 0.75p £12.36m (ARK.L)
The energy metals explorer focused on uranium reports FY 31 December 2025 (FY 2025). The Loss before Tax decreased to £0.5m compared to £2m in the prior FY to 31 December 2024 (FY 2024), and net cash increased to £297.9k from £27.0k in FY 2024. Post Period, in January 2026, the Company announced a transformative deal to acquire Namibia Uranium Pty Ltd, which has introduced four highly prospective uranium licences. The Arkle portfolio consists of uranium in Namibia, lithium in Botswana, zinc in Limerick, and tungsten potential in Wicklow offering shareholders diversified exposure to metals to power the energy transition.
Ensilica 99.0p £117.88m (ENSI.L)
The microchip maker with a growing portfolio of reusable IP, serving the Space and Communications, Industrial, and Automotive markets, updates on Trading for the year ended 31 May 2026. The Company expects to announce record results showing substantial trading growth over the prior year on all key metrics, and a significantly enhanced balance sheet following an oversubscribed £10m equity fundraise in March 2026. There is an expanded new business sales opportunities pipeline, up by $200m to $600m.
Gear4music Holdings 270.0p £56.6m (G4M.L)
The retailer of musical instruments and music equipment reports results for the FY to 31 March 2026. Revenue increased 30% to £190.7m, the gross profit margin increased to 28.4% from 27.0% in the FY to 31 March 2025 and PBT improved to £10.3m from £1.6m in the FY to 31 March 2025. A new automated distribution centre is being built to provide additional capacity and remains on budget and on schedule to become operational ahead of peak trading later this year. Net debt reduced to £5.0m from £6.4m in the FY to 31 March 2025 having prepaid £3.1m in relation to the new UK warehouse. There is a new £45m committed Revolving Credit Facility secured through to August 2029, supporting planned capital investment and providing significant liquidity headroom to respond to strategic opportunities as they arise. FY27 trading to date is in line with the Board’s expectations and on track to deliver FY27 consensus market expectations for revenues of £200.2m, an EBITDA of £16.0m and profit before tax of £6.0m.
Hercules 24.75p £19.54m (HERC.L)
The UK infrastructure and construction services group AGM statement reported the Company had grown significantly since listing almost four and a half years ago. It is a much bigger business as increased scale has been achieved organically, and through a series of targeted M&A activities requiring investment in new IT infrastructure, systems and controls. There are new opportunities for the Labour Supply division within the infrastructure industry to expand the blue-chip client base and to increase contract values. Although there have been challenges, both the Labour Supply and Civil Projects divisions are well placed to support the very significant, long-term wave of infrastructure investment being experienced across the UK.
Iomart Group 14.50p £20.45m (IOM.L)
The secure cloud services Company reports its results for the year ended 31 March 2026. Revenues increased 8% to £154.9m of which 86% in recurring. EBITDA decreased to £25.6m from £34.3m in the year ended 31 March 2025, reflecting lower recurring revenues and the shift in revenue mix including lower-margin Microsoft-related services which was partially offset by cost savings. The loss before tax decreased to £4.0m from a £6.5m profit in the year ended 31 March 2025, reflecting increased finance costs to £9.2m from £6.4m in the year ended 31 March 2025, following a full year of the Atech acquisition debt. Net debt was £108.6m at 31 March 2026 which compares to £101.9m at 31 March 2025. Following the year-end, on 5 June 2026, Iomart extended its £115m revolving credit facility to 30 June 2028.
Journeo 440.00p £77.33m (JNEO.L)
The provider of intelligent systems for transport networks and critical national infrastructure announced that it has received purchase orders totalling £1.3m for the provision of its on-board bus safety systems and high-security cloud-based SaaS services for Metroline Manchester. The majority of the hardware installation revenue is expected to be recognised during the current financial year, with recurring software licence and support revenues extending through 2027 and beyond.
Metals One 1.41p £18.28m (MET1.L)
The critical and precious metals developer and investor with a focus on gold and uranium reports the investment of a further £200,000 in Talon Resources (AIM: TAR). TAR is a gold exploration company focused on North America that admitted to the AIM market today, and this is a follow on investment from the original £150k investment made in September 2025. Metals One now owns 5.57% of Talon's enlarged issued share capital. Metals One’s CEO states that TAR’s Eagle Lake property offers discovery potential and a near term pipeline and that he is interested in their technology-led target generation approach.
Ondo InsurTech 3.40p £5.47m (ONDO.L)
The provider of claims prevention technology for home insurers reports an agreement with cornerstone investors on a refinancing and Vendor Loan Note restructuring package and associated capital reorganisation. The Company has also continued to make strong commercial progress in the US, with Nationwide confirming their intention to order a further 35,000 LeakBots to be deployed in H2 2026 and a pilot outsourcing of Find & Fix plumbing to Beagle Services Inc., supporting further geographic expansion. The Company is today launching an accelerated bookbuild alongside an associated retail offer to raise a minimum of £2.9m. The Company is also conditionally raising £2.0m by way of an issue of unsecured convertible loan notes and has entered a credit facility of up to a further £2.0m for two years, from 1 April 2027. This is intended to provide the financial flexibility to support Ondo's next phase of development which is mainly the efficient expansion into additional US regions.
Severfield 27.75p £82.34m (SFR.L)
The structural steel group reports FY results to 31 March 2026. Revenue increased 1% to £454.3m, but the adjusted underlying operating margin decreased to 2.8% from 4.8% in the year to 31 March 2025, to give a 42% reduction in the adjusted underlying PBT to £10.5m from £18.1m in the year to 31 March 2025. The net debt of £28.2m is down from £43.1m in the year to 31 March 2025 reflecting strong cash management. The refreshed strategy is focused on improving returns and higher margins rather than pursuing volume growth, with ongoing initiatives expected to enhance efficiency and cost optimisation across all service lines. The CEO states that decisive action has been taken to simplify the portfolio and focus the business on sectors and geographies where there are clear competitive advantages.
Tern 1.0p £9.41m (TERN.L)
The Company focused on value creation from Internet of Things technology businesses reports FY results to 31 December 2025. The NAV decreased 36% to £6.9m to an NAV per share of 1p compared to 2p in the FY to 31 December 2024. The Loss before tax increased to £5.1m from £3.8m in the FY to 31 December 2024, with fee income of £54k compared to £17k in the FY to 31 December 2024 and YE next cash was £49.4k verses to £382.2k in the FY24. The portfolio is approaching key inflection points: FundamentalXR and Device Authority are advancing towards liquidity pathways, while Talking Medicines is gaining traction as a differentiated AI led business within AI-driven healthcare. The outcomes remain subject to market conditions, but the Board believes that the progress made will provide a basis for value realisations.
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